When submitting information to a credit bureau, the only obligation you have is to submit a copy of your
credit report with your social security number. your name, and a legal address (P.O. Box is a
also considered a legal address). It may benefit you to get a P.O. Box
to avoid harassing letters from your creditors. Did you know that
credit bureaus own many of the collection agencies out
there?
Don't give the credit bureaus
more information than needed!
Credit bureaus can and have the right to
to a copy of your social security card, only give them a
front copy and NOT the back. They can also request a copy of a bill or something with your
current address on it if it is indeed different from what is on your credit report.
Only send them a utility bill that has your address. Make sure NOT to send a copy of your driver's license
even if they request it. Remember that these credit bureaus are
in the information gathering business who will probably turn
around and sell your information, and not just to creditors, but also for to promotional companies.
Before you go any further, now you must obtain copies of your
up-to-date credit reports. If you don't already have them, you
should use the sample credit report request letter on the following
section as a guide to requesting your copy of your credit reports from
all 3 major credit bureaus.
Credit Bureaus are obligated by law to
send you a copy of your credit report, and it should cost you nothing if you
have recently been denied credit. Also, They are obligated to providing you with
a free copy every year. We strongly advice against having
someone other than you get your credit report on your behalf because this will
cause an unwanted inquiry on your credit report which makes it look as if you are applying for credit from some lending institute.
If you find yourself in a rush and am
unable to wait 3 to 7 business days to obtain a copy of your credit report,
just look online for and perform a Google search for Credit Bureau/s.
If the Credit Bureau you are trying to contact has a local
office or a local affiliate, then go there in person and obtain your credit
report without any further delay.
When you obtain your credit report, there will be an
explanation page instructing you on how to read your credit report. Every single credit agency report reads different from the other. Now, the very next step is crucial. You have to find any and all derogatory items on your report.
Look for any and all collection accounts. On your Equifax credit report they are
usually listed at the very end of your credit report, Trans
Union spreads the information throughout your report. Experian is our favorite because it gives summary paragraph explanation for all of your accounts. In the collections section on your credit report you may find a collector's
account ID/Number and or name that you do not recognize. Those are usually the easiest ones to start out with.
